Two leaders in Ghanaian financial services, Universal Merchant Bank (UMB) and SIC Life Limited have launched two new life insurance solutions, namely the UMB Education Plan and the UMB Funeral plan. The solutions being marketed to the public as UMB Bancassurance are underwritten by SIC Life. Bancassurance is an arrangement between a bank and an insurance company allowing the insurance company to sell its products through the bank’s distribution and service channels. The UMB Educational Plan ensures that the account value at maturity is substantial enough to meet the educational expenses of the assured or their children. It also gives room for the assured to select at inception the term of the policy and the premium amount. An added feature of this educational plan is that the minimum term of this product is 10 years, with the maximum term being 20 years subject to maturity age of 60 years. The UMB Funeral Plan is designed to provide immediate cash payout to meet the funeral expen...